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Speculative Fervor in U.S. Stocks Surges to ‘Stunning’ Levels

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Market Rally Has Legs to Continue, Says State Street’s Jones

Speculative excess has surged to the highest in at least 20 years among U.S. options traders -- and that’s a negative for stocks over the medium term, according to Sundial Capital Research Inc.

Traders established fresh bullish positions last week by buying 35.6 million new call options on equities, according to Sundial founder Jason Goepfert. That’s up from a peak of 28.7 million in February, when speculative activity was rampant, he wrote in a note Monday.